Bill Dillon & Company, an investment firm founded and run by Harvard undergraduates, earned a $17,000 profit last year, its first year of operation.
William P. Dillon '78 and Alfred B. Lewis '78, both Economics concentrators, founded the company last year after deciding they "knew more about the stock market than many brokers."
Registered with the Securities and Exchange Commission and the National Association of Security Dealers, Dillon & Company manages portfolios and mutual fund investments as well as contracting out limousines and housepainters.
Dillon said yesterday, "We concentrate on our investments. Contracting is only a small part of our business and we plan to make it a separate company soon. We started mainly to get a supply of ready cash."
One student client said, "I'm very happy about my business with the company. Last month, my investment made a 4 per cent profit."
Another investor said, "It's a good firm. It's small and friendly and will do research and a lot of work for you while big firms won't even look at you." Clients include businessmen, about 35 Harvard undergraduates, and even one Harvard professor.
Dillon hopes that limousine customers are impressed with his organization and will then invest with it.
Dillon & Company's stock recommendations have proven profitable. One of their primary stocks has increased in price by over 100 per cent. Other have increased an average of 15 per cent and also earn high dividends.
Investors can participate in the Aggressive Investors' Investment Club. A minimum of $100 is the smallest sum that is part of the pool used to buy stock in $5000 blocks.
Many Harvard undergraduates are members of the club. One student said he averaged a 25 per cent increase on his investment. He said Dillon sends out reports telling his customers about market conditions, and that he'll keep his money with Dillon until the "bottom drops out of the market."
When he started the company last year, Dillon had only taken one semester of Ec 10 and his sophomore tutorial in economics. He intends to continue his company after he graduates from Harvard.
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To Discuss Investment BankingW. T. Reid Jr. '01, of Dillon, Read & Company, Boston, will speak in the Faculty Room of the Harvard
To Speak on Investment BankingW. M. Reid Jr. '01, of Dillon Read a Company, Boston, will speak in the Faculty Room of the Union